CHINO, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 14251 Fern Ave. in Chino. An individual/personal trust sold the asset to an undisclosed owner-user for $2.5 million. Built in 2006, the 6,528-square-foot standalone property features an upgraded roof. Mir Ali, Drew Wetherholt and Kevin Struve of Marcus & Millichap represented the seller and procured the buyer in the deal.
FONTANA, CALIF. — Raceway Express Car Wash has acquired Foothill Express Car Wash, located at 16345 Foothill Blvd. in Fontana, for an undisclosed price. Originally built in 2018 by the seller, the property features a 3,693-square-foot building with a 120-foot tunnel and 25 vacuum stations. Alex Kogan of Beta Agency represented the seller, while Adam Indihar of Pacific Investments represented the buyer in the deal.
LOS ANGELES — Bolour Associates has purchased a neighborhood retail center in the Silver Lake district of Los Angeles from an undisclosed seller for $6.5 million. Located at 2829-2843 Hyperion Ave., the value-add property offers 9,884 square feet of retail space. At the time of sale, the property was 50 percent leased to a mix of tenants, including Pinkberry, Standing Egg Coffee, Cats and Dogs and The Village Vet. Bolour plans to complete both exterior capital improvements and interior tenant improvements at the center. Oron Maher of Maher Commercial Realty represented the seller in the transaction.
RANCHO CUCAMONGA, CALIF. — CBRE has negotiated the sale of a two-story office building located at 9421 Haven Ave. in Rancho Cucamonga. A local owner-user acquired the asset from FJKC Investment LLC for $6.3 million. The 20,600-square-foot building was vacant at the time of sale. Sammy Cemo, Austin Reuland and Anthony DeLorenzo of CBRE represented the seller in the deal.
BURBANK, CALIF. — Los Angeles-based Dunleer has purchased a two-building warehouse asset, located at 3312-3314 and 3318 Burton Ave. in Burbank, from a local family for $5 million, or $283 per square foot. Chad Gahr and David Young of NAI Capital represented the buyer, while Mike Maniscalchi of Systems Real Estate represented the seller. At the time of sale, the 17,726-square-foot property was 67 percent vacant. The asset features three units and is adjacent to the Hollywood Burbank Airport.
SAN MATEO, CALIF. — Stockbridge and Wilson Meany have received a $170 million first mortgage for Bay Meadows Apartment Collection, a four-property portfolio in San Mateo. The 390-unit portfolio offers a mix of studio, one-, two- and three-bedroom units, averaging 1,035 square feet, and 9,961 square feet of ground-floor retail space. The portfolio includes the 108-unit Field House, built in 2015; the 70-unit Quimby, built in 2017; the 158-unit Russell, built in 2017; and the 54-unit Hawthorne, built in 2024. The portfolio is located within the 83-acre Bay Meadows master-planned community. Bruce Ganong, Chris Handy, Elijah Lax and Tomie Vegą of JLL Capital Market’s Debt Advisory team arranged the five-year, fixed-rate loan through New York Life Real Estate Investors for the borrower.
NEWPORT BEACH, CALIF. — Formosa Ltd., a venture led by Joe C. Wren, has purchased 5000 Birch Street, a two-building office campus in Newport Beach. Terms of the transaction were not disclosed. Lincoln Property Co. was retained to provide property management and operations services for the 310,000-square-foot Class A asset, which is situated within the 160-acre master-planned Koll Center Newport. The property offers surface parking, a towel-served fitness center, an onsite restaurant and a conference and event space. Matt Didier and Jessie Tichelaar of CBRE will handle leasing for the office campus. Chet Cramin and Jacob Bedingfield of MusickPeeler served as legal counsel to Formosa and Wen during the transaction.
CHANDLER, ARIZ., TEMECULA, CALIF., AND HUNTSVILLE, ALA. — Choice Hotels International has opened Everhome Suites properties in Chandler, Temecula and Huntsville. Choice Hotels now maintains 10 Everhome Suites across the country and is on track to have 25 hotels open by year’s end with 20 currently under construction. The new hotels include:– The 114-room Everhome Suites Chandler at 3200 W. Willis Road. The project team included ServiceStar Capital Management and Genesis Cos. as developers, 101 Architecture as architect and PATH Construction as general contractor.– The 117-room Everhome Suite Temecula at 27165 Madison Ave. The hotel was developed and is owned by Paladin Equity Capital. The project team included Woolpert Architects and Buffalo Construction.– The 98-room Everhome Suites Huntsville at 5581 Holmes Ave. The project team included EHS Huntsville LLC as developer, Woolpert as architect and Integrated Construction as contractor. Each Everyhome Suites offers a variety of amenities, including:– Fully equipped kitchens with full-sized refrigerators, dishwashers, stovetops, microwaves, flatware, cookware and counter space– Spa-like bathrooms with high-quality fixtures– Large closets and additional open and closed storage– Weekly housekeeping– Free WiFi– Pet-friendly options– Contemporary multipurpose lobbies– Communal outdoor amenity areas with barbecue grills, fire pits and green spaces; pools at select locations– 24/7 …
LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space. The NMTCs will specifically fund the build-out and completion of: The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.
SANTA CLARITA, CALIF. — G.H. Palmer Associates has received a $168 million loan to refinance Park Sierra, a 776-unit apartment building in Santa Clarita, approximately 35 miles northwest of Los Angeles. Walker & Dunlop’s California multifamily finance team, led by Trevor Fase, arranged the financing through Freddie Mac. Originally developed by G.H. Palmer Associates in 1987, the garden-style community offers a mix of 97 one-bedroom and 679 two-bedroom apartments. About 40 percent of the units have been rehabilitated, with additional capital investment planned. Amenities include five pools and spas, a fitness center, picnic and play areas.
